Exelis reports fourth-quarter and full-year 2013 financial results; provides financial guidance for 2014
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EXELIS INC.
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CONSOLIDATED BALANCE SHEETS
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(preliminary and unaudited)
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(IN MILLIONS)
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December 31,
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2013
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2012
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Assets
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Current assets
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Cash and cash equivalents
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$
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469
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$
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292
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Receivables, net
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939
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995
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Inventories, net
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246
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283
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Deferred tax asset
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16
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85
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Other current assets
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70
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58
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Total current assets
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1,740
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1,713
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Plant, property and equipment, net
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498
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512
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Goodwill
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2,184
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2,180
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Other intangible assets, net
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167
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184
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Deferred tax asset
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216
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556
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Other non-current assets
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79
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67
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Total non-current assets
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3,144
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3,499
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Total assets
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$
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4,884
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$
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5,212
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Liabilities and Shareholders' Equity
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Current liabilities
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Accounts payable
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$
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367
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$
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444
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Advance payments and billings in excess of costs
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301
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322
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Compensation and other employee benefits
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216
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246
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Other accrued liabilities
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160
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203
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Total current liabilities
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1,044
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1,215
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Defined benefit plans
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1,407
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2,203
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Long-term debt
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649
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649
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Deferred tax liability
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2
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1
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Other non-current liabilities
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130
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128
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Total non-current liabilities
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2,188
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2,981
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Total liabilities
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3,232
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4,196
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Commitments and contingencies
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Shareholders' equity
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Common stock
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2
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2
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Additional paid-in capital
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2,623
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2,575
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Treasury stock
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(16)
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—
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Retained earnings
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475
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274
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Accumulated other comprehensive loss
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(1,432)
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(1,835)
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Total shareholders' equity
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1,652
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1,016
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Total liabilities and shareholders' equity
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$
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4,884
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$
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5,212
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